Mr. Brian Pauls reports

DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES OFFERING OF AN ADDITIONAL C$200 MILLION SENIOR UNSECURED DEBENTURES, SERIES F

Dream Industrial Real Estate Investment Trust has priced a private placement of senior unsecured debentures consisting of an additional issuance of $200-million aggregate principal amount of the 5.383 per cent senior unsecured debentures, Series F, maturing on March 22, 2028.

The Series F debentures are being offered on an agency basis by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and National Bank Financial Inc., and including CIBC World Markets Inc. and Desjardins Securities Inc. The Series F debentures are being offered on a private placement basis in each of the provinces of Canada in reliance upon exemptions from the prospectus requirements under applicable securities legislation.

The Series F debentures will be issued at a price equal to $1,004.51 per $1,000 principal amount, with an effective yield to maturity of 5.259 per cent, bear interest at a rate of 5.383 per cent per annum and will mature on March 22, 2028. The Series F debentures will have the same terms and conditions, and constitute part of the same series, as the $200-million aggregate principal amount of the Series F debentures issued by the trust on March 22, 2023, except for their date of issue and price to the public and except they will not initially be fungible with the Series F debentures issued on March 22, 2023. The Series F debentures offered hereby will initially have a different Cusip number from the Series F debentures issued on March 22, 2023, but on or about May 5, 2024, the Series F debentures offered hereby will become fungible with, form part of a single series with and have the same Cusip number as the Series F debentures issued on March 22, 2023. Interest is payable on the Series F debentures on March 22 and Sept. 22 of each year, commencing on March 22, 2024. The first interest payment on March 22, 2024, will include accrued and unpaid interest for the period from Sept. 22, 2023, to, but excluding, March 22, 2024. The Series F debentures will be direct senior unsecured obligations of the trust and will rank equally and ratably with all other unsecured and unsubordinated indebtedness of the trust, except to the extent prescribed by law. The closing of the offering is expected to take place on Jan. 4, 2024.

The Series F debentures are expected to be rated BBB with a stable trend by DBRS Ltd. The trust intends to use the net proceeds from the offering to repay existing indebtedness and for general trust purposes.

About Dream Industrial Real Estate Investment Trust

Dream Industrial is an unincorporated, open-ended real estate investment trust. As at Sept. 30, 2023, Dream Industrial owns, manages and operates a portfolio of 322 industrial assets totalling approximately 70.6 million square feet of gross leasable area in key markets across Canada, Europe and the United States. Dream Industrial's goal is to deliver strong total returns to its unitholders through secure cash flows underpinned by its high-quality portfolio and an investment-grade balance sheet, as well as driving growth in its net asset value and cash flow per unit.

We seek Safe Harbor.